Sales for the month – $12,182.42
Units shipped in – 826
Units sold – 729
Turn Rate – 52.3%
Average Sale Price – $16.71
Income – $3,781.10
The average turn rate is still high and above 50%.
This is the second month of the year not great numbers but still above $10k. My goal is to get this number above $100k a month. I went in with a few gaylords for the month of February as well as my regular sourcing. The gaylords were interesting and fun but, I don’t think I would personally want to sort through them. I definitely want to hire some kids to go through the books and have my daughter manage the process while I go to do the normal sourcing that I do. If I can figure out the sourcing thing with the gaylords, I can add an additional source of income and really supercharge my sales and my profit as well. I am also going back into the retail arbitrage to continue to push items through my store. Sales seemed to slow down a bit in February in comparison to January which was expected. I didn’t think I was going to hit the $10k mark for the month around mid-month because things started to slow down. I did better than expected.
I didn’t hit my goal this month of 1,000 units in inventory sourced which I thought I was going to hit with the Gaylord putting my over the top. That wasn’t the case here. The gaylords were not as profitable as they could have been which is okay. I definitely think they can be an additional source of inventory for the business if I can figure out how to automate it very quickly. My daughter has shown an interest in doing retail arbitrage so I have decided to teach her. The goals for 2019 are still the same.
So big goals for 2019 as you can imagine.
- Find 5 wholesale replens products: I’ve reached out to some distributers and wholesalers but I need to continue to do so until I get the number of accounts that I need to really make this work. – I reached out to a lot of wholesalers and got updated information regarding the inventory and didn’t find anything that was profitable. I will continue to reach out to get lists of products from reputable suppliers and continue to source additional inventory.
- Purchase books on a bulk basis: Look for auctions, wholesale sources and liquidations. – I got an opportunity to purchase books on a bulk basis but this was only a supplier that I had to drive to. The good thing is that the supplier allowed me to scan a few books before I took the entire shipment. I will look for auctions and other wholesale sources to get items.
- Find a storage unit/small warehouse to work from to increase the space that I can fill up with inventory and keep the house clean and decluttered. I want something under $1,100 bucks a month. – I reached out to a few people and companies and couldn’t find anything under that number. I still don’t have a dedicated source. I reached out to a few people for bulk books and nothing solid yet. It may be better at this point in time to get a storage unit instead of an actual warehouse until I can get dedicated sources for bulk books, Replens. Basically I haven’t outgrown my pad yet. Hopefully soon.
- Send in 2,000 units of inventory. Roughly 500 books a week. This should be doable. I can get up to 200 on the weekends so the remaining books I have to source during the week. Let the games begin. – Didn’t get this at all. Still trying to reach this goal. Will be on the list until it is accomplished. Hopefully it is a healthy mix between RA items/ wholesale and books.
One of my overarching goals is to keep everything extremely organized in the future and make sure that I have everything in one place. I tend to write things down all over the place and forget where I put my brilliant notes. I have a book that I am putting everything in going forward just so I know where it is. I tend to not bring it with me everywhere but I am consciously making the effort to bring it. Another thing that I want to address is the diversity of sourcing that needs to be done. I need to diversify where I am sourcing my books from and also source additional inventory. I do not have a way to get additional inventory without me personally going to get it. I’ve tried the scouter thing, it worked for a bit but the scouters continue to either fall of or just do not work out. One of my scouters started their own Amazon business which sucks but it is part of the process.
I didn’t hit my goals per se, but I did learn something very valuable that will help me go full time and really give this business a shot. The plan is to see what the numbers are for March and where they come out base my analysis on those numbers. I also will need to really step up my game in terms of sourcing new inventory by any means necessary.
This was another good month. I exposed myself to another part of this business which was great. Now I am just looking to increase what I am currently doing and continue to expand. In March, I will be sourcing during the week after work to try and catch the last round and find books that people have overlooked. This will allow me to pick up additional inventory and continue to increase the amount of money that I am currently making from Amazon. I am adding in auction sourcing, Gaylord sourcing and any other sourcing that I can find to get more and more inventory. I am going to have to push the envelope to make this work.